Paris Saint-Germain announced on Wednesday that an agreement has been reached with Sao Paulo to sign Brazilian international midfielder Lucas Moura in January.
The French capital giants had insisted that their summer spending was over after the arrivals of Zlatan Ibrahimovic, Thiago Silva and Ezequiel Lavezzi, but sporting director Leonardo has struck a deal that will see the midfielder, who turns 20 this month, move to the Parc des Princes on a four-and-a-half-year deal.
By doing so they have beaten off competition from the likes of Manchester United and Real Madrid.
"Paris Saint-Germain and Sao Paulo FC have reached today an agreement for the definitive transfer of Lucas Rodriguez Moura Da Silva," read a statement on the club's website.
"By signing a young talent of the quality of Lucas Rodriguez Moura Da Silva, Paris Saint-Germain is already preparing the future."
PSG have been by far the biggest spenders in Europe this summer, but it appears that they have sealed the deal for Moura despite Sao Paulo receiving bigger offers from elsewhere.
Sources close to PSG told AFP that the club had offered 35 million euros ($43.2m) for the player, while Manchester United had been willing to pay 38 million euros in several instalments plus a player in part exchange.
The player is currently with the Brazil squad preparing for Saturday's Olympic final against Mexico at Wembley.